Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1996)57ITD72(Mum.)
..... to the assessee for its help in the assessment year 1992-93.12. taking all these factors into account, we conclude that the assessee, which is a subsidiary of the state bank of india, carries on such business where it is statutorily required to deduct tax at source in respect of payments to a very large number of its clients. it is, therefore ..... penalty imposed for delay in making payment of tax deducted at source, to the government treasury.2. brief facts of the case are that the assessee is a subsidiary of state bank of india. the assessing officer had imposed a penalty of rs. 7,24,381 on the assessee on account of delay in depositing into the government account the tax within the .....
Tag this Judgment!Court : Rajasthan
Reported in : 1990WLN(UC)202
..... 21(12) of the indian penal code and the petitioner is a 'public servant'. even otherwise, also, as per section 4 of the state bank of india (subsidiary banks) act, 1959, the bank shall be a body corporate. the creation of a body corporate under section 4 is a creation of corporation with corporate character. if that is ..... government company, his case is covered by the definition of 'public servant' given under section 21(12) of the indian penal code.9. the state bank of india and its subsidiary banks are statutory corporations. in making several appointments, forming the structure of the corporation, in appointment of the board of directors, submission of the accounts to ..... by, the employees of the subsidiary banks of the state, bank of india would squarely fall within the ambit of the expression 'public servant' since they are in the service or pay of a corporation established by or .....
Tag this Judgment!Court : Supreme Court of India
..... ) the industrial development bank of india established under the industrial development bank of india act, 1964 (central act 18 of 1964); (v ..... section 2(1a) as follows: sec. 2 (1a) bank means (i) a banking company to which the banking regulation act, 1949 (central act 10 of 1949), applies; (ii) the state bank of india constituted under the state bank of india act, 1955 (central act 23 of 1955); (iii) a subsidiary bank as defined in clause (k) of section of the state bank of india (subsidiary banks) act. 1939 (central act 38 of 1959); (iv .....
Tag this Judgment!Court : Mumbai
Reported in : (1974)76BOMLR552; (1974)IILLJ441Bom; 1974MhLJ845
..... sharma v. l. i. corporation. (1970) a.l.j. 214. however, in view of the conclusion which we have reached above in regard to state bank under the state bank of india act, 1955, we do not think it necessary to refer to any of those decisions. 26. since both the grounds on which the petitioner challenged the termination ..... art. 226 of the constitution so that an appropriate writ could issue against it or not, and the other was whether an employee of the state bank governed by the state bank of india (sub-accountants and head cashiers) service rules, 1959 could obtain a declaration that the termination of his services was a nullity and that he continued ..... court. 14. however, mr. dhanuka for the petitioner has relied upon the decision of the madhya pradesh high court in dattatraya v. state bank of india, where as regards the nature of the state bank of india (sub-accountants and head cashiers) service rules (the same with which the madras high court was concerned) a different view has been taken .....
Tag this Judgment!Court : Delhi
..... of section 80 p (2) (a) (i) of the act, where an entity is obliged to place a part of its funds with the state bank or the reserve bank of india to enable it to carry on its banking business, then any income derived from funds so placed arises from the business carried on by it and the assessee has not, by reason of ..... that, in the said order, the revenue had actually given up the point.16. mr. syali places considerable reliance on the decision of the supreme court in cit v. karnataka state co-operative apex bank [2001]. 251 itr194(sc) where it was held that if, by the mandate of statute, investment is to be made as a pre-condition to carrying on ..... of the kerala high court in cit v. punalur paper mills ltd., [1988]. 170 itr37(ker) and the judgments of the supreme court in uco bank v. cit, [1999]. 237 itr889(sc) and uoi v. arviva industries india ltd., (2014) 3 scc159 according to him, both the cit (a) and the itat erred in simply following the itat s earlier order in the .....
Tag this Judgment!Court : Delhi
..... of section 80 p (2) (a) (i) of the act, where an entity is obliged to place a part of its funds with the state bank or the reserve bank of india to enable it to carry on its banking business, then any income derived from funds so placed arises from the business carried on by it and the assessee has not, by reason of ..... that, in the said order, the revenue had actually given up the point.16. mr. syali places considerable reliance on the decision of the supreme court in cit v. karnataka state co-operative apex bank [2001]. 251 itr194(sc) where it was held that if, by the mandate of statute, investment is to be made as a pre-condition to carrying on ..... of the kerala high court in cit v. punalur paper mills ltd., [1988]. 170 itr37(ker) and the judgments of the supreme court in uco bank v. cit, [1999]. 237 itr889(sc) and uoi v. arviva industries india ltd., (2014) 3 scc159 according to him, both the cit (a) and the itat erred in simply following the itat s earlier order in the .....
Tag this Judgment!Court : Mumbai
Reported in : 2005(3)BomCR713; [2006(106)FLR85]; (2005)IILLJ1010Bom; 2005(2)MhLj906
..... or other establishments in more than one state, and includes [the export-import bank of india] [the industrial reconstruction bank of india], [the industrial development bank of india], [the small industries development bank of india established under section 3 of the small industries development bank of india act, 1989], the reserve bank of india, the state bank of india, [a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) ..... act, 1970 (5 of 1970) [a corresponding new bank constituted under .....
Tag this Judgment!Court : Kerala
Reported in : AIR1962Ker267
..... the conclusion about the policy underlying the statute and the object intended to be achieved by it.128. in my opinion, the classification of a banking company, the reserve bank of india, the state bank of india and the co-operative banks also functioning under another act, as not coming within the bar of section 49a is perfectly rational and is based on an intelligible differentia. the ..... based upon the section being discriminatory under article 14 of the constitution. according to mr. t. s. krishnamoorthy ayyar, the co-operative banks, banking companies, the reserve bank, and the state bank of india have been given a special privilege and all other persons doing banking business, have been discriminated against.115. according to mr. t. s. krishnamoorthy ayyar, there is no nexus between the persons discriminated .....
Tag this Judgment!Court : Mumbai
Reported in : AIR2004Bom166; 2004(1)ALLMR798; II(2004)BC585; 2004(1)BomCR707; 2004(1)MhLj704
..... been enacted to establish tribunals for expeditious adjudication of recovery of debts due to banks and financial institutions. the term 'bank' is defined by section 2(d), which reads as under:--'bank' means -(i) a banking company; (ii) a corresponding new bank; (iii) state bank of india;(iv) a subsidiary bank; or (v) a regional rural bank;the term 'banking company' is defined by section 2(e), which reads as under ..... . it may be pointed out here that in the case of state bank of travancore the supreme court was considering the question whether the state bank of travancore, which was the subsidiary bank of the state bank of india can be termed as a banking company within the meaning of 1949 act. on behalf of the respondents/banks reliance has also been placed on a judgment of the division bench .....
Tag this Judgment!Court : Chennai
..... a co-operative land mortgage bank, insofar as the word "bank", "banker" or "banking" appears as part of the name of the employer ..... the mutual interest of co-operative banks or co-operative land mortgage banks, or (c) any co-operative society, not being a primary credit society, formed by the employees of (i) a banking company or the state bank of india or a corresponding new bank or a subsidiary bank of such banking company, state bank of india or a corresponding new bank, or (ii) a co-operative bank or a primary credit society or .....
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